UAE Government to finalise Amlak, Tamweel plans

A review on the future of mortgage lenders Amlak and Tamweel has been completed. (CRAIG SCARR)

Published Tuesday, March 10, 2009

By Reuters

The UAE Cabinet will evaluate options to restructure mortgage lenders Amlak Finance and Tamweel and will finalise its decision soon, a government committee said on Tuesday.

A steering committee, headed up by Minister of Economy Sultan Al-Mansouri to make recommendations for the lenders, had completed its review, it said in a statement

Amlak and Tamweel were merged with two Abu Dhabi-based banks in November as part of a consolidation plan.

The committee was to draw up a comprehensive report of Amlak's and Tamweel's performances under the changed economic environment and present its recommendations on the way forward to the government.

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